The Department of Mineral Resources and Energy has confirmed the fuel price adjustments for August 2024. The changes published by the Central Energy Fund (CEF) provide motorists with some relief as all types of fuel fall this month.
Fuel Price August 2024 Adjustments
- Petrol 93 (ULP & LRP) will decrease by Fifteen cents per litre (15.00 c/l)
- Petrol 95 (ULP & LRP) will decrease by Fifteen cents per litre (15.00 c/l)
- Diesel (0.05% sulphur) will decrease by Twenty-eight cents per litre (28.00 c/l)
- Diesel (0.005% sulphur) will decrease by Seventeen cents per litre (17.00 c/l)
- Illuminating Paraffin (wholesale) decreased by Twenty-two cents per litre (22.00 c/l)
- SMNRP for IP: Twenty-nine cents per litre (29.00 c/l) decrease.
- Maximum LPGas Retail Price: Fourteen cents per kilogram (14.00 c/kg) decrease.
Why The Fuel Price Is Decreasing In August
Several factors have led to the fuel price decrease in August 2024.
While the average Brent Crude oil price increased from 82.24 US Dollars (USD) to 83.55 USD per barrel, South Africans were shielded by the Rand. South Africa’s currency appreciated on average, against the US Dollar (from 18.44 to 18.23 Rand per USD) during the period under review when compared to the previous one.
This ultimately led to lower contributions to the Basic Fuel Prices of all products by about 14.00 per litre.
The average price of product prices for petrol did increase slightly under the period for review.
The average international product prices for petrol slightly increased during the review, as the summer seasonal demand in the Northern Hemisphere improved, while diesel and illuminating paraffin prices decreased on average during the period under review.
The cumulative slate amounted to a positive balance of R1.8 billion for petrol and diesel at the end of June 2024.
In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy of zero cents per litre remains in the price structures of petrol and diesel with effect from the 7th of August 2024.
